Non-aligned licensee Beacon Financial Group will merge with Libertas Financial Planning to form a combined dealer group with approximately 270 authorised representatives.
An email from Beacon managing director Peter Daly to close stakeholders, seen by ifa, announced the merger, explaining the transaction will take effect from 1 July.
Mr Daly said the creation of a larger $4 billion FUM entity will have a number of benefits for advisers licensed by both brands, such as increased financial security, immediate economies of scale and diverse income streams, with 54 mortgage brokers already operating within the group.
Under the terms of the agreement, Libertas will retain its branding and licence, with minimal disruption to advisers and other stakeholders, Mr Daly said.
In April 2015, Beacon acquired Risk and Investment Advisers Australia (RIAA) in a deal with similar terms.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 17 Aug 2018Grandfathering is not in consumers' interests: KellBy Tim Stewart
- 17 Aug 2018Advisers can ‘professionalise’ clients’ philanthropyBy Lucy Dean and Killian Plastow
- 17 Aug 2018Standalone robo-advisers ‘will not attract’ HNW investorsBy Reporter
- 17 Aug 2018Assess super on value not fees, Rice Warner urgesBy Killian Plastow
- 16 Aug 2018ANZ taken to task over ‘misleading’ general adviceBy Reporter
- 16 Aug 2018Faith in adviser ethics fallsBy Reporter
- view all